Volunteer Brewery's shareholders equity included the following accounts at December 31, 2020: Shareholders' Equity Common...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Volunteer Brewery's shareholders equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 1 million shares at $1 par $ 1,000,000 Paid-in capitalexcess of par 14,000,000 Retained earnings 4,200,000
On March 13, Volunteer reacquired 300,000 shares of its common stock as treasury stock at $10 per share. Volunteer later resold 200,000 shares for $12 per share. Net income for 2021 was $480,000 and the entire net income was distributed as cash dividends to common shareholders. What amount of shareholders' equity would be reported on the balance sheet dated December 31, 2021?
$18,600,000
$19,200,000
$16,200,000
$19,480,000
None of the answer choices is correct.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
